Alston & Bird Consumer Finance ABstract

CFPB Sues MoneyLion over Membership Program, Uses Military Lending Act as Hook

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CFBP on google search result

A&B Abstract: On September 29, 2022, the Consumer Financial Protection Bureau (“CFPB”), sued MoneyLion Technologies Inc. and 37 of its subsidiaries (“MoneyLion”) in New York federal court for violations of the Military Lending Act (the “MLA”) and Consumer Financial Protection Act (“CFPA”). The Allegations The CFPB alleges that MoneyLion offered installment loans that consumers could not access unless they enrolled in a membership program with monthly membership fees.  While … [Continue reading] about CFPB Sues MoneyLion over Membership Program, Uses Military Lending Act as Hook

CSBS Releases Cybersecurity Programs to Help Nonbank Financial Services Institutions Improve Cybersecurity Posture

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A&B ABstract On August 9, 2022, the Conference of State Bank Supervisors (CSBS) released two cybersecurity tools for nonbank financial services institutions to help them prepare for state cybersecurity examinations and, ultimately, improve … [Continue reading] about CSBS Releases Cybersecurity Programs to Help Nonbank Financial Services Institutions Improve Cybersecurity Posture

State Community Reinvestment Acts Reaching Beyond Banks

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A&B ABstract: When Congress passed the federal Community Reinvestment Act (“CRA”) in 1977 to address redlining, it imposed affirmative requirements on insured depository institutions to serve the credit needs of the communities where they … [Continue reading] about State Community Reinvestment Acts Reaching Beyond Banks

State Community Reinvestment Acts Reaching Beyond Banks

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Single family house on pile of money.

A&B ABstract: When Congress passed the federal Community Reinvestment Act (“CRA”) in 1977 to address redlining, it imposed affirmative requirements on insured depository institutions to serve the credit needs of the communities where they … [Continue reading] about State Community Reinvestment Acts Reaching Beyond Banks

Alston & Bird Adds Consumer Finance Partner Aldys London in Washington, D.C.

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Alston & Bird has strengthened and expanded its capabilities for advising companies on state and federal consumer finance regulatory compliance issues with the addition of partner Aldys London in the firm’s Washington, D.C. office. Her clients … [Continue reading] about Alston & Bird Adds Consumer Finance Partner Aldys London in Washington, D.C.